Ahead of FOMC Meeting: Bitcoin Whales Spark Selloff đ±đ„đâ
Data from Glassnode shows that Bitcoin whales are selling ahead of the much-anticipated FOMC meeting. On September 13, the number of addresses holding more than $1 million worth of Bitcoin was 108,163. đ„
Today, whale holdings have dropped to 106,104 BTC, indicating that over 2,059 BTC worth over $2 billion has been sold. The âsell on the newsâ behavior reflects growing caution among large holders, who may be bracing for potential volatility as the market awaits clues on future monetary policy. đ„
Lookonchain reported that a whale sold 500 BTC on Monday. A day earlier, another Bitcoin whale deposited 119 BTC on Binance. This massive selling suggests that whales are on the defensive, anticipating potential short-term turbulence before, during, and after the meeting. đ„
According to the CME FedWatch tool, the probability of a 50 basis point rate cut is 69%, while the probability of a 25 basis point rate cut is 31%. In this context, the tool measures the probability of a rate cut. đ„
Fed Chair Powell had hinted at a rate cut in August during his speech in Jackson Hole. $BTC
